FOR WIRE TRANSMISSION: 8:30 A.M. EDT, THURSDAY, June 17, 2010 Daniel R. Yorgason: (202) 606-9804 (Data) BEA 10-28 Paul W. Farello: 606-9561 (Revisions) U.S. International Transactions: First Quarter 2010 Current Account The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—increased to $109.0 billion (preliminary) in the first quarter of 2010, from $100.9 billion (revised) in the fourth quarter of 2009. The increase was the third consecutive quarterly increase since the deficit of $84.4 billion in the second quarter of 2009, which was the smallest deficit since the third quarter of 1999. The increase was more than accounted for by an increase in the deficit on goods. An increase in net unilateral current transfers to foreigners also contributed. Increases in the surpluses on income and services were partly offsetting. Goods and services The deficit on goods and services increased to $115.3 billion in the first quarter from $104.7 billion in the fourth. Goods The deficit on goods increased to $151.3 billion in the first quarter from $140.1 billion in the fourth. Goods exports increased to $305.7 billion from $290.6 billion. All major end-use categories increased. The largest increase was in industrial supplies and materials, reflecting increases in chemicals, energy products, and metals and nonmetallic products. Increases in capital goods, particularly machinery and equipment, and in automotive products were also strong. Goods imports increased to $456.9 billion from $430.7 billion. All major end-use categories increased, but industrial supplies and materials accounted for nearly two-thirds of the increase. Within this category, petroleum and petroleum products accounted for most of the increase, with metals and nonmetallic products also contributing. Capital goods (primarily machinery and equipment) and consumer goods (primarily household and kitchen appliances) also increased sharply. Services The surplus on services increased to $36.0 billion in the first quarter from $35.4 billion in the fourth. Services receipts increased to $132.9 billion from $129.9 billion. Within services, the largest increases were in travel and in transfers under U.S. military agency sales contracts. All other major services categories except royalties and license fees also increased. Services payments increased to $96.9 billion from $94.5 billion. The increase was largely accounted for by “other” transportation and by royalties and license fees. Most other major services categories also increased. Income The surplus on income increased to $41.7 billion in the first quarter from $35.1 billion in the fourth. Investment income Income receipts on U.S.-owned assets abroad increased to $162.8 billion from $155.2 billion. The increase was more than accounted for by higher direct investment receipts. Other private receipts (which consists of interest and dividends) declined slightly and U.S. government receipts were little changed. Income payments on foreign-owned assets in the United States rose to $119.0 billion from $118.2 billion. The increase was more than accounted for by an increase in direct investment payments. Other private payments (which consists of interest and dividends) declined and U.S. government payments were slightly higher. Compensation of employees Receipts for compensation of U.S. workers abroad increased slightly to $0.8 billion in the first quarter. Payments for compensation of foreign workers in the United States increased to $2.8 billion from $2.7 billion. Unilateral current transfers Net unilateral current transfers to foreigners were $35.5 billion in the first quarter, up from $31.3 billion in the fourth. The increase was mostly accounted for by an increase in U.S. government grants. Capital Account Net capital account payments (outflows) were near zero in the first quarter, compared with less than $0.1 billion in the fourth quarter. Financial Account Net financial inflows were $31.3 billion in the first quarter, down from $115.7 billion in the fourth. Growth in both U.S.-owned assets abroad and foreign- owned assets in the United States picked up considerably, but the increase in the growth in U.S.-owned assets was greater than that of foreign-owned assets. U.S.-owned assets abroad U.S.-owned assets abroad increased $300.8 billion in the first quarter, following an increase of $8.7 billion in the fourth. U.S. claims on foreigners reported by U.S. banks and securities brokers increased $192.8 billion in the first quarter, following a decrease of $56.6 billion in the fourth. (Examples of these claims are U.S. banks’ deposits at foreign banks and U.S. banks’ loans to foreigners.) Transactions in foreign securities were nearly unchanged, with net U.S. purchases of $45.9 billion in the first quarter following net U.S. purchases of $45.5 billion in the fourth. Net U.S. purchases of foreign stocks increased to $10.5 billion from $2.8 billion. Net U.S. purchases of foreign bonds fell to $35.3 billion from $42.7 billion. U.S. direct investment abroad was $105.0 billion in the first quarter, up from $83.2 billion in the fourth quarter. The increase in direct investment resulted mostly from a jump in net equity investment and a smaller increase in reinvested earnings. U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns decreased $34.0 billion in the first quarter, following a decrease of $16.2 billion in the fourth quarter. U.S. official reserve assets increased $0.8 billion in the first quarter, following a decrease of $1.4 billion in the fourth. U.S. government assets other than official reserve assets decreased $9.6 billion in the first quarter, following a decrease of $45.8 billion in the fourth. The decreases in each of the last five quarters resulted from the reversal of swaps that increased sharply in the last half of 2008 under temporary reciprocal currency arrangements between the U.S. Federal Reserve System and foreign central banks. Foreign-owned assets in the United States Foreign-owned assets in the United States increased $332.1 billion in the first quarter, following an increase of $103.6 billion in the fourth. U.S. liabilities to foreigners reported by U.S. banks and securities brokers (other than foreign official assets) increased $88.6 billion in the first quarter, following a decrease of $63.9 billion in the fourth. (Examples of these liabilities are deposits of foreign residents at banks in the United States and loans by banks abroad to banks in the United States.) Net private foreign purchases of U.S. Treasury securities were $103.4 billion in the first quarter, up sharply from $15.2 billion in the fourth. Net private foreign purchases of U.S. securities other than U.S. Treasury securities were $5.2 billion in the first quarter, down from $20.4 billion in the fourth. Net foreign sales of U.S. federally sponsored agency bonds were $1.4 billion, a shift from net foreign purchases of $2.4 billion. Net foreign sales of U.S. corporate bonds were $28.1 billion, up from $19.5 billion. Net purchases of U.S. stocks were $34.7 billion, down from $37.5 billion. Foreign direct investment in the United States was $47.3 billion in the first quarter, following investment of $41.5 billion in the fourth. The increase was more than accounted for by a shift to net intercompany debt investment in the United States. In contrast, equity investment and reinvested earnings both declined. U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased $10.3 billion in the first quarter, a shift from a decrease of $25.0 billion in the fourth. Foreign official assets in the United States increased $75.0 billion in the first quarter, following an increase of $116.8 billion in the fourth. Transactions in U.S. currency shifted to net shipments to foreign countries of $2.3 billion in the first quarter from net shipments to the United States of $1.4 billion in the fourth. The statistical discrepancy—errors and omissions in recorded transactions—was $77.7 billion in the first quarter compared to -$14.8 billion in the fourth. In the first quarter, the U.S. dollar appreciated 3 percent on a trade- weighted quarterly average basis against a group of 7 major currencies. Revisions Statistics from the U.S. international transactions accounts have been updated and revised to incorporate several changes in definitions, classifications, and presentation, most of which result from a multi-year effort to modernize and enhance BEA's international economic accounts. In addition, the revisions reflect newly available source data and improved estimating methodologies. An article in the May 2010 issue of the Survey of Current Business describing this effort is available on BEA's Web site. Key changes introduced in this annual revision are summarized below. Definitions and classifications * Certain exports and imports of military-related goods are reclassified from services to goods beginning with statistics for 1999. Exports of goods under the U.S. Foreign Military Sales program, which had been recorded under services as part of “transfers under U.S. military agency sales contracts,” are reclassified as exports of goods. Petroleum purchases abroad by the U.S. military, which had been recorded under services as part of “direct defense expenditures,” are reclassified as imports of goods. * Air and ocean carriers’ expenditures on fuel in foreign ports are reclassified from services to goods beginning with statistics for 1999. Foreign carriers' expenditures on fuel in U.S. ports, which had been recorded as part of exports of “other” transportation services, are reclassified as exports of goods. U.S. carriers' expenditures on fuel in foreign ports, which had been recorded as part of imports of “other” transportation services, are reclassified as imports of goods. * Migrants’ transfers are excluded from the capital account beginning with statistics for 1982. * Permanent debt between affiliated banks, bank holding companies, and financial holding companies is reclassified from direct investment to “other investment” beginning with statistics for 2007. Source data and methodologies * Exports and imports of goods on a balance of payments basis are revised for 2007-2009 to phase in a revised Census Bureau methodology for low-value goods. Also, an adjustment for imports to reclassify transactions in repair services from goods to services was revised to improve coverage beginning with statistics for 1999. Other significant revisions to the adjustments that convert exports and imports of goods from a Census basis to a balance of payments basis, resulting from updated source data, begin with 2008. * Services receipts are revised beginning with 2004 and payments are revised beginning with 1999 to incorporate updated and revised source data. For both receipts and payments, the revisions were largest for 2006-2009 and resulted primarily from BEA’s quarterly services surveys and from initial results of BEA’s benchmark survey of international insurance transactions. * Direct investment financial flows and income receipts and payments are revised for 2007-2009 to incorporate new data from BEA’s quarterly and annual surveys of U.S. direct investment abroad and foreign direct investment in the United States. * For foreign securities, financial flows and interest receipts for foreign bonds and dividend receipts for foreign stocks are revised for 2008-2009 to incorporate results of the U.S. Treasury Department’s annual survey of securities claims for December 2008 and other new source data. * For U.S. securities, financial flows and interest payments for U.S. corporate bonds, U.S. Treasury bonds, and U.S. agency bonds and dividend payments for U.S. stocks are revised for 2008-2009 to incorporate results of the U.S. Treasury Department’s annual survey of securities liabilities for June 2009 and other new source data. The U.S. net international investment position preliminary statistics for 2009 and revised statistics for earlier years will be released on June 25. The fourth-quarter 2009 international transactions are revised from previously published statistics. Revisions reflect both newly available source data for the fourth quarter and changes from all of the above sources of revision. The current-account deficit was revised to $100.9 billion from $115.6 billion. The goods deficit was revised to $140.1 billion from $145.5 billion; the services surplus was revised to $35.4 billion from $36.5 billion; the income surplus was revised to $35.1 billion from $25.1 billion; and unilateral current transfers were revised to net outflows of $31.3 billion from $31.8 billion. Net financial inflows were revised to $115.7 billion from $45.7 billion. * * * Release dates in 2010: Fourth quarter and year 2009...................March 18, 2010 (Thursday) First quarter 2010..............................June 17, 2010 (Thursday) Second quarter 2010........................September 16, 2010 (Thursday) Third quarter 2010..........................December 16, 2010 (Thursday) * * * Summary BEA statistics are available on recorded messages at the time of public release at the following telephone numbers: (202) 606-5306 Gross domestic product -5303 Personal income and outlays BEA’s national, international, regional, and industry statistics; the Survey of Current Business; and BEA news releases are available without charge on BEA’s Web site at www.bea.gov. By visiting the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements. June 17, 2010 Table 1. U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] 2008 2009 2010 Change: Amount of (Credits +, debits -) 2008 r 2009 r 2009:IV- Revision I r II r III r IV r I r II r III r IV r I p 2010:I 2009 Current account 1 Exports of goods and services and income receipts......................................... 2,635,540 2,159,000 667,109 688,549 684,836 595,046 521,735 520,110 540,729 576,426 602,106 25,680 43,071 2 Exports of goods and services......................................................... 1,839,012 1,570,797 455,253 479,105 481,463 423,190 378,378 377,829 394,145 420,444 438,557 18,113 16,079 3 Goods, balance of payments basis.................................................. 1,304,896 1,068,499 323,507 342,637 345,091 293,661 255,044 254,021 268,858 290,576 305,655 15,079 22,956 4 Services.......................................................................... 534,116 502,298 131,746 136,469 136,372 129,530 123,334 123,808 125,287 129,868 132,902 3,034 -6,877 5 Transfers under U.S. military agency sales contracts.......................... 14,936 17,096 3,649 4,372 3,492 3,424 3,381 4,561 5,445 3,709 4,435 726 -8,955 6 Travel........................................................................ 109,976 93,917 27,238 28,017 28,692 26,029 23,631 23,006 23,311 23,969 25,187 1,218 -277 7 Passenger fares............................................................... 31,404 26,424 7,551 7,963 8,255 7,634 7,035 6,534 6,498 6,356 6,784 428 -454 8 Other transportation.......................................................... 43,714 35,406 11,091 11,075 11,330 10,218 8,652 8,549 8,834 9,371 9,730 359 -9,529 9 Royalties and license fees.................................................... 93,920 89,791 23,753 24,222 23,542 22,404 21,502 22,363 21,396 24,530 24,269 -261 5,373 10 Other private services........................................................ 238,932 238,332 58,166 60,514 60,747 59,505 58,831 58,487 59,458 61,555 62,037 482 6,996 11 U.S. government miscellaneous services........................................ 1,234 1,333 299 307 313 315 302 309 345 377 460 83 -31 12 Income receipts....................................................................... 796,528 588,203 211,856 209,443 203,373 171,855 143,356 142,281 146,584 155,982 163,549 7,567 26,992 13 Income receipts on U.S.-owned assets abroad....................................... 793,484 585,256 211,092 208,676 202,608 171,107 142,618 141,543 145,855 155,239 162,790 7,551 27,000 14 Direct investment receipts.................................................... 403,225 346,073 105,812 109,652 104,965 82,796 75,363 82,354 89,626 98,730 106,667 7,937 44,231 15 Other private receipts........................................................ 385,353 234,458 104,568 98,289 96,332 86,164 64,788 58,080 55,506 56,084 55,687 -397 -17,165 16 U.S. government receipts...................................................... 4,906 4,724 713 735 1,311 2,147 2,467 1,109 723 425 436 11 -66 17 Compensation of employees......................................................... 3,044 2,947 764 767 765 749 738 738 728 743 759 16 -9 18 Imports of goods and services and income payments......................................... -3,182,368 -2,412,489 -806,180 -835,632 -827,042 -713,514 -587,564 -574,265 -604,594 -646,066 -675,660 -29,594 -6,934 19 Imports of goods and services......................................................... -2,537,814 -1,945,705 -636,729 -664,549 -669,083 -567,452 -468,817 -458,270 -493,467 -525,152 -553,813 -28,661 -12,358 20 Goods, balance of payments basis.................................................. -2,139,548 -1,575,443 -539,107 -565,303 -567,388 -467,750 -376,241 -367,528 -400,977 -430,698 -456,949 -26,251 -12,855 21 Services.......................................................................... -398,266 -370,262 -97,622 -99,246 -101,695 -99,703 -92,576 -90,742 -92,490 -94,454 -96,863 -2,409 497 22 Direct defense expenditures................................................... -28,311 -30,474 -7,062 -7,028 -7,056 -7,165 -7,395 -7,662 -7,728 -7,689 -7,774 -85 5,203 23 Travel........................................................................ -79,726 -73,230 -20,280 -20,143 -19,821 -19,482 -18,702 -17,721 -18,459 -18,348 -18,512 -164 -153 24 Passenger fares............................................................... -32,563 -25,980 -7,869 -8,035 -8,339 -8,320 -6,784 -6,163 -6,455 -6,578 -6,885 -307 16 25 Other transportation.......................................................... -53,702 -41,586 -13,200 -13,274 -13,860 -13,369 -11,295 -10,141 -9,880 -10,269 -11,310 -1,041 13,102 26 Royalties and license fees.................................................... -25,781 -25,230 -6,564 -6,237 -7,148 -5,832 -5,988 -6,442 -6,137 -6,663 -7,537 -874 -1,372 27 Other private services........................................................ -173,686 -168,892 -41,565 -43,435 -44,343 -44,344 -41,274 -41,461 -42,611 -43,546 -43,655 -109 -16,318 28 U.S. government miscellaneous services........................................ -4,497 -4,871 -1,083 -1,094 -1,128 -1,191 -1,138 -1,152 -1,220 -1,360 -1,190 170 18 29 Income payments....................................................................... -644,554 -466,783 -169,451 -171,083 -157,959 -146,061 -118,747 -115,995 -111,127 -120,914 -121,847 -933 5,425 30 Income payments on foreign-owned assets in the United States...................... -634,190 -456,027 -166,861 -168,512 -155,382 -143,434 -116,032 -113,323 -108,460 -118,212 -119,045 -833 6,136 31 Direct investment payments.................................................... -115,538 -94,010 -30,260 -37,662 -24,609 -23,006 -13,663 -22,810 -23,348 -34,189 -36,296 -2,107 1,035 32 Other private payments........................................................ -352,053 -218,020 -94,615 -88,013 -89,532 -79,893 -63,460 -54,146 -50,473 -49,941 -48,363 1,578 16,995 33 U.S. government payments...................................................... -166,599 -143,997 -41,986 -42,837 -41,241 -40,535 -38,909 -36,367 -34,639 -34,082 -34,386 -304 -11,894 34 Compensation of employees......................................................... -10,364 -10,757 -2,590 -2,571 -2,576 -2,627 -2,715 -2,673 -2,667 -2,702 -2,802 -100 -712 35 Unilateral current transfers, net......................................................... -122,026 -124,943 -32,928 -29,747 -30,177 -29,176 -29,747 -30,292 -33,638 -31,268 -35,454 -4,186 5,300 36 U.S. government grants................................................................ -36,003 -41,638 -10,335 -7,893 -8,568 -9,207 -8,641 -10,969 -13,067 -8,962 -12,546 -3,584 -708 37 U.S. government pensions and other transfers.......................................... -8,390 -8,874 -2,082 -2,097 -2,100 -2,113 -2,180 -2,222 -2,233 -2,241 -2,557 -316 485 38 Private remittances and other transfers............................................... -77,633 -74,431 -20,511 -19,757 -19,509 -17,856 -18,927 -17,101 -18,338 -20,065 -20,351 -286 5,524 June 17, 2010 Table 1. U.S. International Transactions (Continued) [Millions of dollars, quarters seasonally adjusted] 2008 2009 2010 Change: Amount of (Credits +, debits -) 2008 r 2009 r 2009:IV- Revision I r II r III r IV r I r II r III r IV r I p 2010:I 2009 Capital account 39 Capital account transactions, net......................................................... 6,010 -140 -8 -18 6,043 -7 -20 -29 -36 -56 -1 55 2,719 Financial account 40 U.S.-owned assets abroad, excluding financial derivatives (increase/financial outflow (-))..................................................... 156,077 -140,465 -222,848 153,977 74,829 150,119 112,726 31,734 -276,241 -8,685 -300,780 -292,095 96,989 41 U.S. official reserve assets.......................................................... -4,848 -52,256 -276 -1,267 -179 -3,126 -982 -3,632 -49,021 1,379 -773 -2,152 0 42 Gold.............................................................................. 0 0 0 0 0 0 0 0 0 0 0 0 0 43 Special drawing rights............................................................ -106 -48,230 -29 -22 -30 -25 -15 -8 -47,720 -487 -7 480 0 44 Reserve position in the International Monetary Fund............................... -3,473 -3,357 112 -955 256 -2,886 -754 -3,485 -1,098 1,980 -581 -2,561 0 45 Foreign currencies................................................................ -1,269 -669 -359 -290 -405 -215 -213 -139 -203 -114 -185 -71 0 46 U.S. government assets, other than official reserve assets............................ -529,615 541,342 3,268 -41,592 -225,997 -265,293 244,102 193,750 57,736 45,754 9,639 -36,115 -434 47 U.S. credits and other long-term assets........................................... -2,202 -4,069 -179 -1,106 -475 -442 -240 -1,947 -616 -1,266 -1,097 169 -301 48 Repayments on U.S. credits and other long-term assets............................. 2,354 2,133 490 497 695 672 484 432 534 683 425 -258 16 49 U.S. foreign currency holdings and U.S. short-term assets......................... -529,766 543,278 2,957 -40,983 -226,217 -265,523 243,858 195,265 57,818 46,337 10,311 -36,026 -148 50 U.S. private assets................................................................... 690,540 -629,552 -225,840 196,836 301,005 418,538 -130,394 -158,384 -284,956 -55,817 -309,646 -253,829 97,422 51 Direct investment................................................................. -351,141 -268,680 -93,709 -93,496 -59,474 -104,463 -45,145 -62,066 -78,313 -83,155 -105,029 -21,874 -47,708 52 Foreign securities................................................................ 197,897 -208,213 -11,976 -4,601 115,597 98,877 -29,176 -86,725 -46,823 -45,489 -45,868 -379 13,326 53 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns....... 421,153 124,428 115,286 66,258 103,880 135,729 2,717 22,161 83,302 16,248 34,046 17,798 -11,408 54 U.S. claims reported by U.S. banks and securities brokers......................... 422,631 -277,087 -235,441 228,675 141,002 288,395 -58,790 -31,754 -243,122 56,579 -192,795 -249,374 143,212 55 Foreign-owned assets in the United States, excluding financial derivatives (increase/financial inflow (+))...................................................... 454,722 305,736 400,171 3,740 76,357 -25,546 -111,916 -28,348 342,385 103,615 332,064 228,449 -129,500 56 Foreign official assets in the United States.......................................... 550,770 450,030 208,768 178,899 147,836 15,267 107,912 128,667 96,616 116,835 75,027 -41,808 2,455 57 U.S. government securities........................................................ 591,381 441,056 185,239 169,365 129,263 107,514 145,512 120,776 73,293 101,475 85,934 -15,541 -10,052 58 U.S. Treasury securities...................................................... 548,653 561,125 106,005 76,220 151,979 214,449 163,809 149,213 123,675 124,428 89,056 -35,372 71,000 59 Other......................................................................... 42,728 -120,069 79,234 93,145 -22,716 -106,935 -18,297 -28,437 -50,382 -22,953 -3,122 19,831 -81,052 60 Other U.S. government liabilities................................................. 8,912 57,971 1,767 2,512 1,562 3,071 2,534 685 53,455 1,297 4,002 2,705 -490 61 U.S. liabilities reported by U.S. banks and securities brokers.................... -153,423 -70,851 -24,173 -29,697 9,797 -109,350 -44,928 -4,900 -33,735 12,712 -15,943 -28,655 737 62 Other foreign official assets..................................................... 103,900 21,854 45,935 36,719 7,214 14,032 4,794 12,106 3,603 1,351 1,034 -317 12,260 63 Other foreign assets in the United States............................................. -96,048 -144,294 191,403 -175,159 -71,479 -40,813 -219,828 -157,015 245,769 -13,220 257,037 270,257 -131,955 64 Direct investment................................................................. 328,334 134,707 80,597 90,838 57,000 99,899 5,866 31,524 55,803 41,514 47,289 5,775 -17,379 65 U.S. Treasury securities.......................................................... 161,411 22,781 13,976 18,954 63,401 65,080 46,084 -29,321 -9,203 15,221 103,382 88,161 -14,839 66 U.S. securities other than U.S. Treasury securities............................... -166,490 59 -15,241 19,959 -123,246 -47,962 -67,781 -221 47,708 20,353 5,205 -15,148 6,673 67 U.S. currency..................................................................... 29,187 12,632 -6,750 230 5,845 29,862 11,816 -1,935 4,179 -1,428 2,265 3,693 0 68 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns.. -36,522 -1,460 73,220 -60,170 85,550 -135,122 -11,614 26,564 8,572 -24,982 10,251 35,233 -28,425 69 U.S. liabilities reported by U.S. banks and securities brokers.................... -411,968 -313,013 45,601 -244,970 -160,029 -52,570 -204,199 -183,626 138,710 -63,898 88,645 152,543 -77,985 70 Financial derivatives, net................................................................ -32,947 50,804 -7,966 -2,355 -4,886 -17,740 7,221 11,275 11,496 20,812 n.a. n.a. n.a. 71 Statistical discrepancy (sum of above items with sign reversed)........................... 84,991 162,497 2,649 21,486 20,040 40,818 87,565 69,815 19,899 -14,779 /1/77,725 /2/92,504 n.a. Memoranda: 72 Balance on goods (lines 3 and 20)......................................................... -834,652 -506,944 -215,600 -222,666 -222,297 -174,089 -121,197 -113,507 -132,119 -140,121 -151,295 -11,174 10,101 73 Balance on services (lines 4 and 21)...................................................... 135,850 132,036 34,124 37,223 34,676 29,827 30,758 33,066 32,797 35,414 36,039 625 -6,380 74 Balance on goods and services (lines 2 and 19)............................................ -698,802 -374,908 -181,476 -185,444 -187,621 -144,262 -90,439 -80,441 -99,322 -104,707 -115,256 -10,549 3,720 75 Balance on income (lines 12 and 29)....................................................... 151,974 121,419 42,405 38,360 45,414 25,794 24,609 26,286 35,457 35,068 41,702 6,634 32,416 76 Unilateral current transfers, net (line 35)............................................... -122,026 -124,943 -32,928 -29,747 -30,177 -29,176 -29,747 -30,292 -33,638 -31,268 -35,454 -4,186 5,300 77 Balance on current account (lines 1, 18, and 35 or lines 74, 75, and 76).................. -668,854 -378,432 -171,999 -176,830 -172,383 -147,644 -95,577 -84,447 -97,503 -100,907 -109,008 -8,101 41,436 78 Net financial flows (lines 40, 55, and 70)................................................ 577,852 216,075 169,357 155,362 146,300 106,833 8,031 14,661 77,640 115,742 /1/31,284 -84,458 18,293 p Preliminary r Revised n.a. Not available /1/ Calculated excluding financial derivatives, net (line 70). /2/ The change in the statistical discrepancy shown here is calculated as the change from the prior period, not as the sum of changes in the above items with the sign reversed. Note. Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis June 17, 2010 Table 2. Revisions to U.S. International Transactions [Millions of dollars, quarters seasonally adjusted] Exports of goods and services and Imports of goods and services and Unilateral current transfers, net Balance on current account Capital account transactions, net Net financial flows income receipts income payments (inflows +; outflows -) (inflows +; outflows -) (inflows +; outflows -) Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision published published published published published published 1999...... 1,259,809 1,259,810 1 -1,511,011 -1,510,160 851 -50,428 -50,428 0 -301,630 -300,779 851 -4,939 -4,176 763 238,148 238,148 0 2000...... 1,421,515 1,421,515 0 -1,780,296 -1,779,241 1,055 -58,645 -58,645 0 -417,426 -416,371 1,055 -1,010 -1 1,009 477,701 477,701 0 2001...... 1,295,692 1,295,693 1 -1,629,475 -1,628,364 1,111 -64,487 -64,487 0 -398,270 -397,158 1,112 11,922 13,198 1,276 400,254 400,254 0 2002...... 1,258,411 1,258,412 1 -1,652,615 -1,651,538 1,077 -64,948 -64,948 0 -459,151 -458,074 1,077 -1,470 -141 1,329 500,515 500,515 0 2003...... 1,340,647 1,340,353 -294 -1,790,372 -1,789,227 1,145 -71,794 -71,794 0 -521,519 -520,668 851 -3,480 -1,821 1,659 532,879 532,879 0 2004...... 1,572,971 1,572,315 -656 -2,115,739 -2,114,441 1,298 -88,362 -88,362 0 -631,130 -630,488 642 1,323 3,049 1,726 532,331 532,331 0 2005...... 1,816,723 1,816,449 -274 -2,459,633 -2,458,268 1,365 -105,772 -105,772 0 -748,683 -747,590 1,093 11,344 13,116 1,772 700,716 700,716 0 2006...... 2,133,905 2,135,004 1,099 -2,846,179 -2,846,159 20 -91,273 -91,481 -208 -803,547 -802,636 911 -3,906 -1,788 2,118 809,150 809,150 0 2007...... 2,462,099 2,478,267 16,168 -3,072,675 -3,080,813 -8,138 -115,996 -115,548 448 -726,573 -718,094 8,479 -1,895 384 2,279 663,556 638,158 -25,398 2008...... 2,591,233 2,635,540 44,307 -3,168,938 -3,182,368 -13,430 -128,363 -122,026 6,337 -706,068 -668,854 37,214 953 6,010 5,057 505,060 577,852 72,792 2009...... 2,115,929 2,159,000 43,071 -2,405,555 -2,412,489 -6,934 -130,243 -124,943 5,300 -419,868 -378,432 41,436 -2,859 -140 2,719 /1/197,782 216,075 18,293 1999: I... 300,183 300,183 0 -351,564 -351,384 180 -11,885 -11,885 0 -63,266 -63,086 180 -196 -7 189 23,694 23,694 0 II........ 307,288 307,288 0 -367,128 -366,942 186 -12,260 -12,260 0 -72,100 -71,914 186 -191 -1 190 64,785 64,785 0 III....... 319,936 319,936 0 -388,656 -388,429 227 -11,987 -11,987 1 -80,707 -80,480 227 -189 -3 186 32,570 32,570 0 IV........ 332,407 332,407 0 -403,662 -403,404 258 -14,295 -14,295 0 -85,550 -85,292 258 -4,363 -4,165 198 117,099 117,099 0 2000: I... 341,683 341,684 1 -427,646 -427,435 211 -12,859 -12,859 0 -98,822 -98,611 211 -223 0 223 35,176 35,176 0 II........ 355,307 355,307 0 -441,576 -441,346 230 -13,368 -13,368 0 -99,637 -99,407 230 -238 2 240 139,263 139,263 0 III....... 360,295 360,295 0 -454,243 -453,930 313 -14,208 -14,208 1 -108,156 -107,843 313 -270 -10 260 160,217 160,217 0 IV........ 364,231 364,231 0 -456,835 -456,532 303 -18,212 -18,212 0 -110,816 -110,514 302 -279 6 285 143,045 143,045 0 2001: I... 350,489 350,489 0 -442,884 -442,651 233 -15,171 -15,171 0 -107,567 -107,333 234 -301 0 301 114,573 114,573 0 II........ 334,968 334,968 0 -416,828 -416,573 255 -15,802 -15,802 0 -97,662 -97,407 255 -313 4 317 120,165 120,165 0 III....... 312,093 312,094 1 -400,716 -400,408 308 -16,134 -16,134 1 -104,757 -104,448 309 12,859 13,188 329 57,084 57,084 0 IV........ 298,144 298,144 0 -369,050 -368,736 314 -17,374 -17,374 0 -88,280 -87,966 314 -323 6 329 108,433 108,433 0 2002: I... 303,113 303,113 0 -388,736 -388,482 254 -18,542 -18,542 0 -104,166 -103,911 255 -321 7 328 88,384 88,384 0 II........ 314,893 314,894 1 -415,445 -415,201 244 -15,007 -15,007 0 -115,559 -115,314 245 -333 -2 331 91,613 91,613 0 III....... 322,397 322,396 -1 -423,480 -423,203 277 -15,005 -15,005 0 -116,088 -115,812 276 -399 -69 330 161,227 161,227 0 IV........ 318,013 318,013 0 -424,949 -424,648 301 -16,394 -16,394 0 -123,329 -123,029 300 -417 -77 340 159,288 159,288 0 2003: I... 322,280 322,251 -29 -439,190 -438,915 275 -18,219 -18,219 0 -135,129 -134,883 246 -489 -82 407 158,593 158,593 0 II........ 325,332 325,297 -35 -438,044 -437,795 249 -17,600 -17,600 0 -130,312 -130,098 214 -1,663 -1,252 411 60,305 60,305 0 III....... 335,764 335,696 -68 -448,175 -447,874 301 -17,707 -17,707 0 -130,118 -129,886 232 -909 -492 417 128,422 128,422 0 IV........ 357,265 357,105 -160 -464,962 -464,643 319 -18,269 -18,269 0 -125,966 -125,808 158 -419 5 424 185,563 185,563 0 June 17, 2010 Table 2. Revisions to U.S. International Transactions (Continued) [Millions of dollars; quarters seasonally adjusted] Exports of goods and services and Imports of goods and services and Unilateral current transfers, net Balance on current account Capital account transactions, net Net financial flows income receipts income payments (inflows +; outflows -) (inflows +; outflows -) (inflows +; outflows -) Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision Previously Revised Revision published published published published published published 2004: I... 375,738 375,509 -229 -489,332 -488,983 349 -22,987 -22,987 0 -136,581 -136,461 120 -487 -56 431 105,507 105,507 0 II........ 387,174 387,026 -148 -521,845 -521,555 290 -21,385 -21,385 0 -156,055 -155,914 141 -427 0 427 161,128 161,128 0 III....... 396,473 396,510 37 -534,397 -534,087 310 -21,141 -21,141 0 -159,066 -158,718 348 2,739 3,173 434 104,685 104,685 0 IV........ 413,584 413,268 -316 -570,166 -569,815 351 -22,850 -22,850 0 -179,432 -179,398 34 -503 -68 435 161,012 161,012 0 2005: I... 434,626 434,342 -284 -580,374 -580,106 268 -28,723 -28,723 0 -174,471 -174,486 -15 -2,594 -2,160 434 105,007 105,007 0 II........ 447,206 447,045 -161 -601,069 -600,750 319 -25,196 -25,196 0 -179,059 -178,901 158 -510 -83 427 82,483 82,483 0 III....... 456,955 456,957 2 -617,635 -617,365 270 -24,658 -24,658 0 -185,339 -185,066 273 14,913 15,362 449 221,043 221,043 0 IV........ 477,936 478,105 169 -660,557 -660,048 509 -27,194 -27,194 0 -209,815 -209,137 678 -465 -3 462 292,183 292,183 0 2006: I... 503,350 503,544 194 -681,005 -680,987 18 -20,995 -20,521 474 -198,651 -197,964 687 -1,721 -1,220 501 159,592 159,592 0 II........ 528,763 528,994 231 -707,132 -707,129 3 -23,708 -23,582 126 -202,078 -201,717 361 -1,017 -487 530 197,789 197,789 0 III....... 540,184 540,586 402 -730,097 -730,008 89 -24,876 -25,123 -247 -214,789 -214,545 244 -539 -2 537 245,186 245,186 0 IV........ 561,608 561,880 272 -727,946 -728,035 -89 -21,693 -22,255 -562 -188,031 -188,411 -380 -629 -79 550 206,583 206,583 0 2007: I... 574,689 579,878 5,189 -742,980 -745,529 -2,549 -30,807 -32,189 -1,382 -199,098 -197,840 1,258 -549 0 549 229,889 248,176 18,287 II........ 600,300 607,461 7,161 -765,079 -772,733 -7,654 -25,752 -26,449 -697 -190,531 -191,720 -1,189 -124 443 567 191,292 173,465 -17,827 III....... 631,854 635,412 3,558 -774,912 -778,227 -3,315 -28,557 -28,126 431 -171,614 -170,941 673 -625 -57 568 91,836 75,364 -16,472 IV........ 655,255 655,515 260 -789,703 -784,323 5,380 -30,883 -28,786 2,097 -165,330 -157,593 7,737 -597 -2 595 150,539 141,152 -9,387 2008: I... 654,217 667,109 12,892 -800,185 -806,180 -5,995 -33,330 -32,928 402 -179,298 -171,999 7,299 -637 -8 629 166,591 169,357 2,766 II........ 671,886 688,549 16,663 -828,458 -835,632 -7,174 -31,147 -29,747 1,400 -187,719 -176,830 10,889 -682 -18 664 106,991 155,362 48,371 III....... 673,383 684,836 11,453 -825,200 -827,042 -1,842 -32,361 -30,177 2,184 -184,178 -172,383 11,795 2,967 6,043 3,076 143,144 146,300 3,156 IV........ 591,747 595,046 3,299 -715,096 -713,514 1,582 -31,527 -29,176 2,351 -154,875 -147,644 7,231 -695 -7 688 88,333 106,833 18,500 2009: I... 507,291 521,735 14,444 -581,287 -587,564 -6,277 -30,185 -29,747 438 -104,182 -95,577 8,605 -710 -20 690 34,916 8,031 -26,885 II........ 506,204 520,110 13,906 -570,691 -574,265 -3,574 -33,256 -30,292 2,964 -97,743 -84,447 13,296 -719 -29 690 62,675 14,661 -48,014 III....... 535,114 540,729 5,615 -602,438 -604,594 -2,156 -35,025 -33,638 1,387 -102,348 -97,503 4,845 -718 -36 682 85,692 77,640 -8,052 IV........ 567,322 576,426 9,104 -651,138 -646,066 5,072 -31,777 -31,268 509 -115,593 -100,907 14,686 -713 -56 657 /1/45,666 115,742 70,076 /1/ Excludes financial derivatives, net (table 1, line 70). Note. Details may not add to totals because of rounding. Source: U.S. Bureau of Economic Analysis